The First-Generation Family Office

Given the recent and continuing proliferation of wealth creators, family office services are in higher demand. In many cases, the decision to form a family office is made with the realization that financial and lifestyle complexities and responsibilities are reducing their quality of life and long-term planning potential. A dynamic and charismatic executive achieved remarkable financial success at an early age. Still in his mid-30s, this client was not nearly ready to step back from a lucrative career. At the same time, he yearned to spend more time with his wife and their young children. Managing a private foundation, multiple residences and estate planning were competing imperatives that added to day-to-day challenges. Intrigued by the potential benefits of a family office, the executive reached out to Anchin Private Client to learn more.

By creating an outsourced family office structure, Anchin’s team was able to gain a thorough understanding of the many critical elements of the family wealth profile. With Anchin in charge, the family spent less time worrying about bill payment, tax filings, and other essential yet complicated tasks. As the “family CFO,” Anchin took the lead on matters including a company buy-out, establishing charitable vehicles and insurance claim processing. Drawing on the specialized resources of Anchin’s single-office operation, specifically the Firm’s Real Estate and Financial Services experts, the Anchin family office team took the client’s situation from overwhelming to well plotted and efficiently executed. Meanwhile, the client found more time for family, fun and philanthropy.